Tesla Motors Inc. reported an unexpectedly large fourth-quarter loss of $320 million on Wednesday as the maker of luxury electric cars incurred heavy costs related to developing two new models.
The Palo Alto company's primary car is the Model S sedan, and last fall it launched the Model X sport utility vehicle. Tesla also plans a lower-priced, mass-market electric car called the Model 3 for late 2017.
The Model X has been the subject of delays and hefty costs related to ramping up production, and Tesla delivered only 206 of the SUVs in the fourth quarter, well below earlier projections.
Tesla Chief Executive Elon Musk acknowledged that the automaker tried to do...